Abu Dhabi’s New Financial Center to Borrow Law from Britain and Elsewhere

By Evan Abrams

Abu Dhabi has been actively seeking to diversify its economy away from the energy sector it has been so dependent on. Part of this effort is the proposed Abu Dhabi Global Market, a financial center designed to attract banking and finance business from around the world. According to The National, a UAE newspaper, newly released documents show the market will be based primarily on English common law with some elements from Singapore and Hong Kong. Certain English statutes, such as those governing contracts and partnerships will also be utilized.